R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.


Bank Regulatory News

July 2006

With more than 40 years auditing only financial institutions, my experience to test your Internet
and internal IT operations for vulnerabilities and understand your IT operation is unmatched. 
Please visit http://www.yennik.com for more detailed information.

July 31, 2006 - Hearings under the Home Ownership and Equity Protection Act - Transcript from Philadelphia hearing, June 9, 2006.   www.federalreserve.gov/events/publichearings/hoepa/2006/20060609/ 

July 31, 2006 - OCC Names Richard C. Stearns Director for Enforcement and Compliance - The Office of the Comptroller of the Currency today announced the selection of Richard C. Stearns to be its Director for Enforcement and Compliance. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=MBX6S4Y9.xml 

July 28, 2006 - FFIEC Information Security Booklet - The Federal Financial Institutions Examination Council updated its Information Security Booklet for examiners and financial institutions to reflect changes in technology and mitigation strategies, as well as recent revisions to related supervisory guidance.
Press Release: www.federalreserve.gov/boarddocs/srletters/2006/sr0612.htm 
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2006/SR0612.htm 
Press Release: www.ots.treas.gov/docs/7/776034.html 
Press Release: www.fdic.gov/news/news/financial/2006/fil06071.html 

July 28, 2006 - FDIC Places Six-Month Moratorium on Industrial Loan Company Applications and Notices - The Board of Directors of the Federal Deposit Insurance Corporation approved by notational vote a six-month moratorium on applications for deposit insurance by Industrial Loan Companies, as well as on notices of change in bank control for existing ILCs. www.fdic.gov/news/news/press/2006/pr06073.html 

July 28, 2006 - Release of the Revised Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering Examination Manual.
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2006/SR0611.htm 
Press Release: www.ffiec.gov/press/pr072806.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2006-33.doc 
Press Release: www.ots.treas.gov/docs/7/776034.html 
Press Release: www.ncua.gov/news/press_releases/2006/FFIEC06-0728.pdf 
Press Release: www.fdic.gov/news/news/financial/2006/fil06071.html

July 27, 2006 - Midwest Manufacturing Output Rises in June - The Chicago Fed Midwest Manufacturing Index rose 0.7% in June, to a seasonally adjusted level of 107.0.   www.chicagofed.org/news_and_conferences/news/2006_CFMMI_June_27_release.cfm 

July 27, 2006 - The NCUA July Newsletter is available.  www.ncua.gov/news/newsletter/NCUA/06JULY.pdf 

July 27, 2006 - Identity Theft Red Flags and Address Discrepancies - The federal financial regulatory agencies and the Federal Trade Commission are soliciting comments on a proposed rule for identity theft red flags and address discrepancies.  www.occ.treas.gov/ftp/bulletin/2006-32.doc 

July 27, 2006 - OCC Announces New Electronic Interpretations and Actions - July 2006.  www.occ.treas.gov/interp/jul06/intjul06.htm 

July 27, 2006 - The Federal Financial Institutions Examination Council today issued revised guidance for examiners and financial institutions to use in identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions.
Press Release: www.ffiec.gov/press/pr072706.htm 
Press Release: www.ots.treas.gov/docs/7/776033.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2006-31.txt 
Press Release: www.ncua.gov/news/press_releases/2006/FFIEC06-0727.pdf 

July 27, 2006 - NCUA - The Office of Small Credit Union Initiatives has has a variety of credit union events. - The following is a list of up coming Credit Union Conferences hosted by the Office of Small Credit Union Initiatives. The training is FREE and you can attend any location that is convenient for you. www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

July 26, 2006 - NCUA Active in "Taking Ownership of the Future" Initiative - The National Credit Union Administration participated in a "Conversation about Taking Ownership of the Future" as part of its role on President Bush's Financial Literacy Education Commission. www.ncua.gov/news/press_releases/2006/NR06-0726.htm 

July 26, 2006 - NCUA - Vice Chairman Hood Represents NCUA at Swearing In of SBA Administrator Steven C. Preston - National Credit Union Administration Vice Chairman Rodney Hood was on hand today at the U.S. Small Business Administration as Vice President Dick Cheney administered the oath of office to new SBA Administrator Steven C. Preston. www.ncua.gov/news/press_releases/2006/NR06-0727.htm 

July 26, 2006 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/FOMC/BeigeBook/2006/20060726/default.htm 

July 26, 2006 - CFNAI Indicates Economic Growth Above Trend in June - The Chicago Fed National Activity Index was +0.34 in June, up from -0.14 in May.  www.chicagofed.org/economic_research_and_data/files/cfnai_july2006.pdf 

July 26, 2006 - July Beige Book Sound Clips To Be Available - Audio highlights of the Federal Reserve's Beige Book, which summarizes U.S. regional economic conditions, will be available for downloading by radio stations beginning with the July 26 edition of the Beige Book. www.stlouisfed.org/news/releases/2006/07_25_06.htm 

July 26, 2006 - Bank Secrecy Act - Multibanka, Riga, Latvia - Withdrawal of Designation of Primary Money Laundering Concern - The Department of the Treasury has withdrawn the finding and proposed notice for rulemaking for Multibanka, Riga, Latvia, as a financial institution of primary money laundering concern. www.fdic.gov/news/news/financial/2006/fil06067.html 

July 26, 2006 - Bank Secrecy Act - VEF Banka, Riga, Latvia - Designation of Primary Money Laundering Concern - The Department of the Treasury has designated VEF Banka, Riga, Latvia, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity. www.fdic.gov/news/news/financial/2006/fil06066.html 

July 25, 2006 - Four Federal Financial Institutions Examination Council agencies--the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision--today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act. 
Press Release: www.ffiec.gov/hmcrpr/cra072506.htm 
Press Release: www.ots.treas.gov/docs/7/776032.html 

July 25, 2006 - Deposit Insurance Assessments Proposed Rules on Risk-Based Assessments, the Designated Reserve Ratio, and Assessment Penalties - The FDIC Board of Directors is seeking comment on the three attached proposed rules. The first proposed rule would create a new system for risk-based assessments. The second proposed rule would set the designated reserve ratio at 1.25 percent. The third proposed rule would govern the penalties for failure to pay assessments. www.fdic.gov/news/news/financial/2006/fil06065.html 

July 25, 2006 - FRB Statistical Release - G.20 Finance Companies.   www.federalreserve.gov/Releases/G20/Current/default.htm 

July 25, 2006 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from May 22 through June 29, 2006. www.federalreserve.gov/boarddocs/press/monetary/2006/20060725/default.htm 

July 24, 2006 - NCUA - Letter to Federal Credit Unions 06-FCU-03 - Permissible Interest Rate Ceiling.  www.ncua.gov/letters/2006/FCU/06-FCU-03.pdf 

July 24, 2006 - NCUA - Vice Chairman Hood Highlights Board Development and Succession Planning During Conference in Asheville, NC.   www.ncua.gov/news/press_releases/2006/MA06-0724.htm 

July 24, 2006 - FDIC Report Assesses Prospects for Bank Credit Quality - Performance remains strong in the three largest loan categories at FDIC-insured institutions, but surging loan volumes and relaxed underwriting point to the possibility of rising losses in the future, according to the Summer 2006 edition of FDIC Outlook released today. www.fdic.gov/news/news/press/2006/pr06072.html 

July 21, 2006 - The U.S. Treasury Yield Curve: 1961 to the Present Refet S. Gurkaynak, Brian Sack, and Jonathan H. Wright - The discount function, which determines the value of all future nominal payments, is the most basic building block of finance and is usually inferred from the Treasury yield curve. It is therefore surprising that researchers and practitioners do not have available to them a long history of high-frequency yield curve estimates. www.federalreserve.gov/pubs/feds/2006/200628/index.html 

July 21, 2006 - Are Longer Bankruptcies Really More Costly? - Daniel M. Covitz, Song Han, and Beth Anne Wilson - We test the widely held assumption that longer restructurings are more costly. In contrast to earlier studies, we use instrumental variables to control for the endogeneity of restructuring time and creditor return. Instrumenting proves critical to our finding that creditor recovery rates increase with duration for roughly 1 years following default, but decrease thereafter. www.federalreserve.gov/pubs/feds/2006/200627/index.html 

July 21, 2006 - Solving Linear Rational Expectations Models: A Horse Race - Gary S. Anderson - This paper compares the functionality, accuracy, computational efficiency, and practicalities of alternative approaches to solving linear rational expectations models, including the procedures of (Sims, 1996), (Anderson and Moore, 1983), (Binder and Pesaran, 1994), (King and Watson, 1998), (Klein, 1999), and (Uhlig, 1999). www.federalreserve.gov/pubs/feds/2006/200626/index.html 

July 21, 2006 - NCUA - Chairman Johnson Statement on Utah Dismissal www.ncua.gov/news/press_releases/2006/MA06-0721.htm
July 21, 2006 - Hearings under the Home Ownership and Equity Protection Act Transcript from Chicago hearing, June 7, 2006.   www.federalreserve.gov/events/publichearings/hoepa/2006/default.htm 

July 21, 2006 - NCUA Workshops announced for Seattle, WA, Jackson, MS and Troy, NY.  www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

July 20, 2006 - Chicago Fed Letter Discusses the New Geography of Auto Production - This new Chicago Fed Letter examines prospects for the auto industry's continued Midwest concentration as relations between carmakers and parts suppliers evolve. www.chicagofed.org/publications/fedletter/cflaugust2006_229b.pdf 

July 20, 2006 - NCUA - Proposed Regulation - Permissible Investments for Federal Credit Unions.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-703.pdf 

July 20, 2006 - NCUA - Final Regulation - Loan Interest Rates.  www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/f-701-Int.pdf 

July 20, 2006 - FOMC Freedom of Information Act Report - Report and Plan of the Federal Open Market Committee to Improve FOIA Operations.   www.federalreserve.gov/fomc/foia/fomcservicecenter.htm 

July 20, 2006 - OCC Releases CRA Evaluations For 21 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of June 15, 2005 through July 14, 2006. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=SF4EE5UC.xml 

July 20, 2006 - The Federal Open Market Committee on Thursday announced its tentative meeting schedule for 2007.   www.federalreserve.gov/boarddocs/press/monetary/2006/200607202/default.htm

July 20, 2006 - NCUA - The Results of the 7/20/2006 NCUA Board Meeting is Available.   www.ncua.gov/NCUABoard/board_reports/BAB06-0720.pdf 

July 20, 2006 - The Federal Reserve Board and the Federal Open Market Committee on Thursday released the attached minutes of the Committee meeting held on June 28-29, 2006. www.federalreserve.gov/boarddocs/press/monetary/2006/20060720/default.htm 

July 20, 2006 - Basel II White Papers - A Tale of Tails: An Empirical Analysis of Loss Distribution Models for Estimating Operational Risk Capital.   www.bos.frb.org/economic/wp/wp2006/wp0613.htm 

July 19, 2006 - Louise L. Roseman, Director, Division of Reserve Bank Operations and Payment Systems Coin and currency issues before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2006/20060719/default.htm 

July 19, 2006 - Bank Secrecy Act/Anti-Money Laundering: FinCEN Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States - Advisory warns that Mexican financial institutions, including casas de cambio, may misuse their relationships with U.S. financial institutions to launder money. www.occ.treas.gov/ftp/bulletin/2006-30.doc 

July 19, 2006 - FRB Reports to Congress - Semiannual Monetary Policy Report to the Congress.  www.federalreserve.gov/boarddocs/hh/2006/july/fullreport.htm 

July 19, 2006 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/boarddocs/hh/2006/july/testimony.htm 

July 18, 2006 - The Federal Reserve Bank of Kansas City announces it has reached an agreement on the sale and partial lease-back of its Oklahoma City Branch building at 226 Dean A. McGee Ave. to GenOne Real Estate Group, an Oklahoma-based real estate advisor, along with Randy Allen and the MIDCON Companies. www.kc.frb.org/pubaffrs/pressrel/pr06-14.htm

July 18, 2006 - NCUA - Letter to Credit Unions 06-CU-12 - Disaster Preparedness & Response Examination Procedures.   www.ncua.gov/letters/2006/CU/06-CU-12.pdf 

July 18, 2006 - Deposit Insurance Seminars for Bankers Nationwide Telephone Seminars for Bank Employees on Deposit Insurance Coverage Rule Changes - The FDIC has scheduled four one-hour telephone seminars for bankers in July and August 2006 to review the recent changes in federal deposit insurance coverage resulting from implementation of the Federal Deposit Insurance Reform Act of 2005. www.fdic.gov/news/news/financial/2006/fil06063.html 

July 18, 2006 - NCUA - Kathy Sachen-Gute Named Director of Human Resources - National Credit Union Administration Attorney Kathy M. Sachen-Gute has been selected by Executive Director J. Leonard Skiles as director of the Office of Human Resources effective August 6, 2006. www.ncua.gov/news/press_releases/2006/NR06-0718.htm 

July 18, 2006 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2006-80.htm 

July 18, 2006 - Agencies Propose Rules on Identity Theft Red Flags and Notices of Address Discrepancy - The federal financial institution regulatory agencies and the Federal Trade Commission are soliciting comments on a Notice of Proposed Rulemaking concerning identity theft "red flags" and address discrepancies.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20060718/default.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06071.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=ENPMHTXW.xml 
Press Release: www.ots.treas.gov/docs/7/776031.html 
Press Release: www.ncua.gov/news/press_releases/2006/JR06-0718.pdf 
Press Release: www.fdic.gov/news/news/financial/2006/fil06064.html 

July 18, 2006 - Governor Kevin M. Warsh - Corporate Cash Balances and Economic Activity At the American Enterprise Institute, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20060718/default.htm 

July 17, 2006 - Imposition of Special Measures against VEF Banka - The Board of Governors of the Federal Reserve System is issuing this SR letter to advise banking organizations under its supervision of new obligations relating to joint stock company VEF Banka imposed by the U.S. Department of the Treasury's Financial Crimes Enforcement Network.  www.federalreserve.gov/boarddocs/SRLETTERS/2006/SR0610.htm 

July 17, 2006 - Official FDIC Sign and Advertising of FDIC Membership Notice of Proposed Rulemaking - The FDIC Board of Directors has approved the attached notice of proposed rulemaking to replace the two separate official FDIC signs - one for insured banks, and the other for insured savings associations - with one new official sign that all FDIC-insured depository institutions would be required to display where deposits are received.   www.fdic.gov/news/news/financial/2006/fil06062.html 

July 17, 2006 - Statistical Release - G.17 Industrial Production - Industrial production rose 0.8 percent in June and was 4.5 percent higher than its year-ago level. Manufacturing output moved up 0.7 percent in June, and the May level was revised up. Output at mines and utilities also registered gains in June. In the second quarter, total output advanced at an annual rate of 6.6 percent, and manufacturing output rose at a 5.4 percent pace. www.federalreserve.gov/releases/g17/current/default.htm 

July 14, 2006 - The Federal Reserve Board and the New York State Banking Department on Friday announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela, its agencies in New York, New York and Miami, Florida; the Federal Reserve Bank of New York; the Federal Reserve Bank of Atlanta; the New York State Banking Department; and the State of Florida Office of Financial Regulation. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060714/default.htm 

July 13, 2006 - Revisions to the Uniform Standards of Professional Appraisal Practice - The Federal Reserve Board, OCC, FDIC, OTS, and NCUA have issued a statement announcing significant revisions to the Uniform Standards of Professional Appraisal Practice (USPAP), which became effective July 1, 2006. The 2006 standards include a new Scope of Work Rule and delete the Departure Rule and associated terminology. A Q&A document highlighting changes is also provided. http://www.federalreserve.gov/boarddocs/srletters/2006/SR0609.htm

July 13, 2006 - Federal Reserve Bulletin: Legal Developments - First Quarter, 2006 www.federalreserve.gov/pubs/bulletin/2006/legal_Q106.pdf 

July 13, 2006 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/default.htm 

July 12, 2006 - Auto Symposium Participants Expect Moderate Economic Growth through 2007 - This special issue of the Chicago Fed Letter reports forecasts for the auto sector and the economy, including falling inflation and a lower unemployment rate. www.chicagofed.org/publications/fedletter/cflaugust2006_229a.pdf 

July 12, 2006 - NCUA General Counsel Opinion 06-0545 - Permissibility of an FCU Developing Residential Property to Lease to Employees for Housing.  http://www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0545.pdf

July 12, 2006 - NCUA -Vice Chairman Hood and Board Member Hyland Serve on Panel Together at NAFCU's 39th Annual Conference and Exhibition.  www.ncua.gov/news/press_releases/2006/MA06-0712.htm 

July 12, 2006 - NCUA - Chairman Johnson Briefs Senator Akaka - National Credit Union Administration Chairman JoAnn Johnson briefed Hawaii Senator Daniel K. Akaka yesterday on recent NCUA regulatory developments and notified him of several Community Development Revolving Loan Fund grants in Hawaii. www.ncua.gov/news/press_releases/2006/NR06-0712.htm 

July 12, 2006 - Reports to the Congress - Government Performance and Results Act Biennial Performance Plan, 2006-07.   www.federalreserve.gov/boarddocs/rptcongress/gpra/gpra2006-2007biennial.htm 

July 12, 2006 - OTS Announces Industry-wide Conference Call on Anti-Money Laundering Compliance: "BSA/AML - Getting it Right" - The Office of Thrift Supervision announced today that it plans to host a 90-minute conference call on Bank Secrecy Act and Anti-Money Laundering compliance issues on July 31, from 2:00 PM to 3:30 PM EDT. www.ots.treas.gov/docs/7/776030.html 

July 12, 2006 - The Federal Reserve Board on Monday announced its approval of the proposal by BB&T Corporation, Winston Salem, North Carolina, to acquire First Citizens Bancorp, Cleveland, and its subsidiaries: The Bank/First Citizens Bank, Cleveland; The Home Bank of Tennessee, Maryville; and The Home Bank, Ducktown, all of Tennessee. www.federalreserve.gov/boarddocs/press/orders/2006/20060612/default.htm 

July 12, 2006 - Scott G. Alvarez, General Counsel - Industrial loan companies - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/boarddocs/testimony/2006/20060712/default.htm

July 11, 2006 - Media Advisory: "When Businesses Look for a Location," an analysis of how companies choose neighborhoods in which to expand or relocate - St. Louis Fed economist Chris Wheeler will present the findings of his new study on business growth in neighborhoods, one of the few that looks at the data from the neighborhood level and attempts to identify the community characteristics that attract business. www.stlouisfed.org/news/releases/2006/07_11_06.htm 

July 11, 2006 - FDIC Proposes New Risk-Based Insurance Assessment System - The FDIC's Board of Directors today approved for public comment two proposed rules governing deposit insurance assessments under the Federal Deposit Insurance Reform Act of 2005. http://www.fdic.gov/news/news/press/2006/pr06070.html 

July 10, 2006 - Statistical Release - Household Debt Service and Financial Obligations Ratios - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm 

July 10, 2006 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-1/2 percent in May. Revolving credit increased at an annual rate of 10 percent, whereas nonrevolving credit decreased at an annual rate of 2 percent. www.federalreserve.gov/releases/g19/current/default.htm 

July 10, 2006 - Proposals for Comment - Proposal to approve authority to conduct the 2007 Survey of Consumer Finance.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

July 7, 2006 - St. Louis Fed's Review: Federal Credit and Insurance Programs - What role does the federal government play in the private credit and insurance markets today? And, perhaps more importantly, what role should it play? A distinguished group of scholars and policymakers came together to explore answers to those questions at the Federal Reserve Bank of St. Louis' 30th annual economic policy conference. www.stlouisfed.org/news/releases/2006/07_07_06.htm

July 6, 2006 - FDIC State Profiles Highlight Generally Positive Economic Picture Amid Signs of Housing Slowdown - Job market conditions remained generally positive in most of the U.S. through the first quarter of 2006, with some pockets of weakness along the Louisiana Gulf Coast and the auto-dependent upper Midwest. FDIC-insured institutions also continue to record strong earnings, supported by low credit losses and growth in both real estate and commercial lending. www.fdic.gov/news/news/press/2006/pr06069.html 

July 6, 2006 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2006/pr06068.html 

July 6, 2006 - The Federal Reserve Board on Thursday approved action by the Board of Directors of the Federal Reserve Bank of Kansas City, increasing the discount rate at the Bank from 6 percent to 6-1/4 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2006/20060706/default.htm 

July 6, 2006 - Vice Chairman Donald L. Kohn -Reflections on Globalization and Policies - At the European Economics and Financial Centre Seminar, House of Commons, London, England.  www.federalreserve.gov/boarddocs/speeches/2006/20060706/default.htm 

July 5, 2006 - Jon T. Rymer Sworn in as Inspector General of the Federal Deposit Insurance Corporation - Jon T. Rymer was sworn in today as Inspector General of the Federal Deposit Insurance Corporation. Patricia M. Black, Deputy Inspector General, had served as Acting Inspector General since Gaston L. Gianni, Jr., retired in December 2004. www.fdic.gov/news/news/press/2006/pr06067.html 

July 5, 2006 - The Federal Reserve Board on Wednesday announced the issuance of a consent Cease and Desist Order against Progress Bancshares, Inc., Sullivan, Missouri, a registered bank holding company, and its subsidiary bank, Progress Bank of Missouri, Sullivan, Missouri. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060705/default.htm 

July 5, 2006 - Deposit Insurance Coverage - Updated Resources Reflecting Increased Coverage for Certain Retirement Accounts Now Available - The FDIC has updated the following deposit insurance resources and they are now available: the brochures Insuring Your Deposits and Your Insured Deposits in Spanish; FDIC's Video-Overview on Deposit Insurance Coverage; Electronic Deposit Insurance Estimator-Banker Version; and the CD-ROM FDIC's Inventory of Deposit Insurance Guidance. www.fdic.gov/news/news/financial/2006/fil06061.html 

July 5, 2006 - FDIC Makes Public May Enforcement Actions - No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in May. www.fdic.gov/news/news/press/2006/pr06066.html 

July 5, 2006 - FRB Statistical Supplement to the Federal Reserve Bulletin June 2006. www.federalreserve.gov/Pubs/supplement/2006/06/default.htm 

July 4, 2006 - Governor Susan Schmidt Bies - Addressing Challenges Raised by Basel II Implementation - At the Risk Capital 2006 Forum, Paris, France.  www.federalreserve.gov/boarddocs/speeches/2006/20060704/default.htm 

July 3, 2006 - Prohibition Against Interstate Deposit Production: Annual Loan-to-Deposit Ratios - The federal banking agencies issued their annually updated ratios to determine compliance with section 109 of Riegle-Neal.
Press Release: www.occ.treas.gov/ftp/bulletin/2006-28.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2006-28a.pdf 

July 3, 2006 - Community Reinvestment Act: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - Now available: 2006 list of distressed or underserved nonmetropolitan middle-income georgraphies in which bank revitalization or stabilization activities will receive CRA consideration as "community development."
Press Release: www.occ.treas.gov/ftp/bulletin/2006-29.txt 
Attachment: www.ffiec.gov/cra/examinations.htm 

July 3, 2006 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In June 2006 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/Releases/G5/Current/default.htm 


You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
https://yennik.com/newletter_page.htm.  There is no charge for the e-newsletter.  
Contact Kinney Williams at examiner@yennik.com if you have any questions.

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

VISTA - Does your financial institution need an affordable Internet security penetration-vulnerability test?  Our clients in 41 states rely on VISTA to ensure their IT security settings, as well as meeting the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The VISTA penetration study and Internet security test is an affordable-sophisticated process than goes far beyond the simple scanning of ports and focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.

Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119


Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, Copyright Yennik, Incorporated